· Chancellor Rishi Sunak is expected to announce a six month stamp duty holiday on Wednesday.
· Sunak’s rumoured proposal will exempt many homebuyers from paying Stamp Duty Land Tax in an effort to rebuild the UK’s economy.
· The stamp duty threshold is expected to be temporarily raised from £125,000 to between £300,000 and £500,000.
· If it is set at £500,000 it could save buyers £15,000, therefore offering a significant incentive to potential home buyers.
· First-time buyers with homes under £300,000 (£500,000 in London) are already exempt from stamp duty.
· Sunak is expected to introduce the exemption on stamp duty for between six months to a year.
· The announcement is expected to be implemented in the autumn budget in order to stimulate the housing market, along with other measures to support the economy, such as a temporary VAT cut for pubs, restaurants and café in a bid to protect 2.4 million jobs in the hospitality sector.
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This article is prepared with the intention of providing general information on the changes in law. Philip Ross Solicitors accept no responsibility for errors it may contain and the coverage of the topic is not comprehensive. You are advised to speak directly to the writer or another partner within this firm with any specific enquiries on the topic addressed.
Sophie is part of the residential property team and has experience in a broad range of work including leasehold and freehold property acquisitions and disposals for property companies and end users.